Following the Central Bank of Nigeria’s most recent interest rate hike, the value of the naira fell precipitously versus the US dollar on foreign exchange markets.
Dayyabu Ashiru, a Bureau De Change operator in Wuse Zone 4, Abuja, informed Newsmen that on Tuesday, the value of one naira was worth N1,590, as opposed to N1,570 the day before.
“We buy at N1,580 per dollar and sell at N1,590,” he said.
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This is a loss of N20.
At the official foreign exchange market, the value of the naira declined similarly.
According to FMDQ data, on Tuesday, the value of one dollar dropped from N1,500.32 on Monday to N 1,548.76 on Tuesday.
This indicated that on Tuesday, the value of the naira relative to the dollar decreased by N48.44 from the day before.
Despite CBN selling $106.5 million in foreign currency to licensed dealers on Wednesday and Thursday of the week, there has been a devaluation.
This follows the CBN’s Tuesday interest rate increase from 26.25 percent to 26.75 percent in May.
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